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....5bn) in hydrocarbon revenues in 2012. Ralby said a huge industry was taking shape in which refined crude from Libya, which has Africa’s largest oil reserves, was being illegally transferred ship-to-ship in the Mediterranean and passed off as legitimate oil imports to the EU. ... [Read full article on Guardian ]
Tuesday 21st of March 2017 06:12:54 PM
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Oil theft 'provides billions for terrorists and drug cartels' image
Source : Guardian [Read Article] Tuesday 21st of March 2017 06:12:54 PM
....5bn) in hydrocarbon revenues in 2012. Ralby said a huge industry was taking shape in which refined crude from Libya, which has Africa’s largest oil reserves, was being illegally transferred ship-to-ship in the Mediterranean and passed off as legitimate oil imports to the EU. ...
‘Shell knew’: oil giant's 1991 film warned of climate change danger image
Source : Guardian [Read Article] Tuesday 28th of February 2017 05:45:19 AM
....The oil giant Shell issued a stark warning of the catastrophic risks of climate change more than a quarter of century ago in a prescient 1991 film that has been rediscovered. However, since then the company has invested heavily in highly polluting oil reserves and helped lobby against climate action, leading to accusations that Shell knew the grave risks of global warming but did not act accordingly. ...
Obama bans oil drilling 'permanently' in millions of acres of ocean image
Source : BBC [Read Article] Wednesday 21st of December 2016 06:35:18 AM
.... . During the election campaign, Donald Trump said he would take advantage of existing US oil reserves, prompting concern from environmental groups. ...
Lost riches image
Source : BBC [Read Article] Thursday 27th of October 2016 11:07:39 PM
....Macae is one of the many cities on Brazil's south-east coast that has seen its dreams of oil-spurred wealth destroyed by the cruel reality of the country's oil crisis that started in 2014. Brazil's oil reserves are buried deep beneath the seabed, miles from the coast. ...
Brazil launches rescue plan to fix economy image
Source : BBC [Read Article] Wednesday 14th of September 2016 12:57:35 AM
....He has pledged to make pension and labour reforms as well as make infrastructure investments more attractive to private firms and foreign investors. The government will scrap a rule that state-run oil firm Petrobras has to have a 30% stake in all new oil reserve developments. ...

Venezuelan court upholds 14-year jail term given to opposition leader, Leopoldo Lopez
 image
....Venezuela's opposition has steeled itself in a battle to remove Maduro in a recall referendum, blaming the leader for the country's mounting chaos. Once-booming Venezuela, home to the world's largest oil reserves, is gripped by severe shortages of food, medicine and basic goods that have triggered violence and looting. ...
North Sea oil 'must act or face a rapid decline' image
Source : Daily Express [Read Article] Monday 13th of June 2016 10:48:00 AM
....". Economy Secretary Keith Brown said: "This report supports our firm view that the North Sea continues to represent a huge opportunity for Scotland, with many billions of barrels of oil reserves still to be recovered. ...
Opec fails to reach agreement on oil production levels image
Source : Guardian [Read Article] Thursday 2nd of June 2016 04:22:53 PM
....The depressed state of the oil markets has caused intense political as well as economic upheaval in places such as Venezuela and Brazil, where there have been large street demonstrations aimed at government leaders. Venezuela, which has the largest oil reserves in the world, is dogged by chronic shortages of basic goods and essential medicines, electricity and water rationing, spiraling inflation and rampant crime. ...
Brexit isn’t to blame for slowing UK growth. It’s more serious than that image
....But it still gives observers pause for thought when someone of the stature of Professor Paul Stephens, oil expert at Chatham House, states baldly that Shell, BP et al have 10 years to adapt or die, as he did last week. Although he is seen as close to the industry, he nevertheless believes Big Oil should diversify into renewables, perform mega-mergers or slim down to cope with a brave new world where oil demand will fall, carbon regulations will grow and high-cost oil reserves will be stranded. ...
Apple’s at the top of the tree, but the winds of change can blow it down image
....This is part of a hugely ambitious restructuring of the Saudi economy in which the central feature is the establishment of a sovereign wealth fund that will seek to buy non-oil assets. Put a rough value of $2tn on Saudi Aramco – the company’s claimed oil reserves, after all, make Exxon’s look small – and this fund would put equivalent Norwegian or Singaporean versions in the shade. ...
Saudi Arabia plans to sell state oil assets to create $2tn wealth fund image
....”. Analysts at Capital Economics said the Saudi move was headline grabbing, but may be little more in the first instance than a balance sheet manoeuvre with the country’s oil reserves and assets being switched from Aramco to a separate sovereign wealth fund. ...
Plunging oil price brings Saudi Arabia and Iran together in alliance of enemies image
....“Iran backs any measures which help stabilise the market and improve the price of crude oil,” said Zanganeh, although, crucially, he gave no indication as to whether Iran would curtail its own production. Iran, which has the fourth-biggest oil reserves in the world, had previously trumpeted its desire to vastly expand its output following the lifting in January of western sanctions imposed over its nuclear programme. ...
Oil prices in reverse amid Opec call image
Source : BBC [Read Article] Monday 25th of January 2016 11:30:20 AM
....". Iran, which has the world's fourth-biggest oil reserves, is also preparing to resume exports now that sanctions have been lifted. ...
Low oil price squeezing US frackers image
Source : BBC [Read Article] Friday 22nd of January 2016 12:04:04 AM
.... . To get started, many companies relied on debt, which they guaranteed with oil reserves. ...
VIDEO: The falling price of oil explained image
Source : BBC [Read Article] Tuesday 19th of January 2016 04:34:53 PM
. Oil prices continue to fall and lifting sanctions imposed on Iran, which has one of the biggest oil reserves in the world, has pushed the prices even lower. ...
Oil market could drown in oversupply in 2016, says IEA image
Source : Guardian [Read Article] Tuesday 19th of January 2016 02:03:49 PM
....Markets had been expecting the lifting of sanctions against Iran for months but prices still fell in response because of the generally turbulent backdrop. The IEA questioned whether markets had fully understood the potential impact of the return of Iran, which has the world’s fifth biggest oil reserves. ...
Oil steadies after falling below $28 image
Source : BBC [Read Article] Monday 18th of January 2016 01:26:51 PM
....The decision to lift the sanctions against Iran came on Sunday after the international nuclear watchdog, the IAEA, said Iran had complied with a deal designed to prevent it developing nuclear weapons. Iran has the fourth largest proven oil reserves in the world, according to the US Energy Information Agency and any additional oil would add to the one million barrels a day of over-supply that has led to a more than 70% collapse in oil prices since the middle of 2014. ...
Saudi Aramco – the $10tn mystery at the heart of the Gulf state image
Source : Guardian [Read Article] Saturday 16th of January 2016 03:59:00 PM
.... But plans for an initial public offering by what may be most secretive – but almost certainly the most valuable – company in the world have been confirmed by its chairman, Khalid al-Falih. “We are considering … a listing of the main company and obviously the main company will include upstream,” he said last week, thereby indicating that the flotation plan could give access to the country’s 260bn barrels of oil reserves and 263 trillion cubic feet of gas. ...
Venezuela decrees economic emergency image
Source : BBC [Read Article] Friday 15th of January 2016 07:50:02 PM
....The decree also instilled more state controls on businesses, industrial productivity and on electronic currency transactions. Venezuela has the world's biggest known oil reserves but the huge fall in oil prices in the past 18 months has slashed its revenues by 60%. ...
Oil prices under $30 on Iran worries image
Source : BBC [Read Article] Friday 15th of January 2016 11:28:07 AM
.... . Iran has the fourth largest proven oil reserves in the world, according to the US Energy Information Agency and any additional oil would add to the 1 million barrels a day of over supply that has led to a more than 70% collapse in oil prices since the middle of 2014. ...
Saudi Aramco privatisation plans shock oil sector image
Source : Guardian [Read Article] Friday 8th of January 2016 04:05:15 PM
.... Will the Saudi government be willing to provide these and relinquish control?. “The company may have huge oil reserves but look at what happened when Petrobras (the Brazilian state oil group) was privatised. ...
Saudi Aramco: the key facts image
Source : Guardian [Read Article] Thursday 7th of January 2016 08:21:10 PM
....• The group was part-nationalised in 1950 and its headquarters moved from New York to Dharan in Saudi Arabia. Aramco was fully taken into state hands 30 years later where it has jealously and secretly guarded the country’s 260bn barrels worth of oil reserves, which are rich and easy to produce. ...
Saudi Arabia considers IPO for national oil group, Aramco image
Source : Guardian [Read Article] Thursday 7th of January 2016 05:58:26 PM
....”. The sale via an initial public offering (IPO) of any part of Saudi Aramco would be a major change in direction for a country, which has jealously guarded its enormous – and cheaply produced – oil reserves. ...
Oil prices gain on Saudi-Iran diplomatic tensions image
Source : Guardian [Read Article] Monday 4th of January 2016 09:00:51 AM
....Saudi Arabia and Iran are the most powerful members of the Organisation of the Petroleum Exporting Countries (Opec) and are battling for regional influence. Analysts have said the removal of western sanctions against Iran will add to global oil reserves. ...
Western oil firms must innovate or die image
Source : Guardian [Read Article] Monday 28th of December 2015 01:07:35 PM
....For western oil companies, the rational strategy will be to stop oil exploration and seek profits by providing equipment, geological knowhow, and new technologies such as hydraulic fracturing (“fracking”) to oil-producing countries. But their ultimate goal should be to sell their existing oil reserves as quickly as possible and distribute the resulting tsunami of cash to their shareholders until all of their low-cost oilfields run dry. ...
Opec says demand for oil will fall, but prices will rise - eventually image
Source : Telegraph [Read Article] Wednesday 23rd of December 2015 02:06:04 PM
.... However, Opec anticipates that there will be “huge reductions” in new investment in the years ahead, as the fall in price has made oil projects less financially rewarding. This, paired with a rise in exploration costs for new oil reserves, will eventually push the price of oil back up, it predicted. ...
Oil price at lowest level since 2009 image
Source : BBC [Read Article] Monday 7th of December 2015 09:22:27 PM
.... . The group has faced growing competition from new supplies, including in the US where techniques like fracking are used to tap previously hard-to-reach oil reserves. ...
Oil speculators risk 'short squeeze' if impulsive Saudi Prince throws OPEC surprise  image
.... . There is no surer way to light the fuse on wholesale conflagration in the Shia stronghold of the Eastern Province, where the oil reserves lie. ...
Six big risks facing global markets in 2016 image
Source : Telegraph [Read Article] Sunday 22nd of November 2015 03:17:08 PM
.... The shale oil drillers are by no means the only companies in trouble. Many conventional oil production companies from the North Sea to the Gulf of Mexico rely on an assessment of the value of their oil reserves, or reserves based lending, to determine how much they can borrow. ...
Why George Osborne's fiscal charter is more likely to end in fudge than sounder finances image
.... Even this year’s bargaining has not been without its consequences. An auction of Treasury bills had to be postponed in advance of the debt ceiling deadline, and politicians have agreed to sell down some of the country’s oil reserves. ...
Oil nations feel the strain of  Opec’s continuing price war image
Source : Telegraph [Read Article] Sunday 18th of October 2015 02:01:07 PM
.... Standing well over six feet tall, Ramirez towers over his Saudi counterpart but that is where his advantage ends. Although it sits on vast oil reserves estimated to exceed 290bn barrels, Venezuela has been marginalised within the group of 12 oil producers. ...
Lock-in: how today's oil drilling fuels tomorrows political and economic problems image
.... This warning, combined with Goldman’s assessment of the oil glut, makes it clear that it is far wiser to use the lower-cost oil we are already producing than to waste capital exploring for new, expensive resources. There’s another reason to stay away from high-cost resources like offshore oil reserves in the Arctic: carbon lock-in. ...
Have you learned the lesson from VW's 35pc share price fall? image
Source : Telegraph [Read Article] Tuesday 22nd of September 2015 05:52:53 PM
.... From the modern era, there's a cluster of companies that misled investors on a grand scale, costing them billions. There were accounting scandals at Tesco (2014) and Kodak (2005), and there were Shell's overstated oil reserves in 2004. ...
Britain can't afford to write off North Sea oil after 40 years image
Source : Telegraph [Read Article] Friday 4th of September 2015 04:09:06 PM
.... Further, offshore drilling using giant platforms capable of sustaining a workforce for months on end in some of the world’s most violent ocean conditions was perfected in the North Sea. The region continues to place the UK at the forefront of the global oil and gas industry and Aberdeen is recognised as a centre of excellence for the kind of advanced subsea technologies which are now being used to open up new oil reserves around the world. ...
Lucky Britain to win 21st century jackpot from carbon capture image
Source : Telegraph [Read Article] Wednesday 2nd of September 2015 08:41:15 PM
...." . A new report by Cititgroup - "Energy Darwinism" - says an ambitious COP 21 implies that a third of global oil reserves, half the gas and 80pc of coal reserves cannot be burned, unless carbon capture and storage (CCS) comes to the rescue. ...
China's slowdown and cheap oil image
Source : BBC [Read Article] Wednesday 26th of August 2015 02:58:55 PM
....Venezuela is another stark case. It has the world's largest oil reserves, although a large part is in the form of very heavy oil that is expensive to refine. ...
What's the world's most expensive city? image
Source : Guardian [Read Article] Wednesday 26th of August 2015 06:30:08 AM
....“The difficulty of importing international standard goods to a country which has seen significant fighting over the last year pushes up the price of the goods available for the expatriates in the country,” says Steven Kilfedder, ECA’s manager of Cost of Living and Remuneration Services. South Sudan has abundant oil reserves but little infrastructure, and poverty is rife after decades of civil war with Sudan. ...
Tory MP Nadhim Zahawi lands job with oil firm Gulf Keystone image
Source : Guardian [Read Article] Monday 24th of August 2015 06:01:12 PM
....Related: Gulf Keystone Petroleum slides on export payment delays. The FTSE-listed company was part of a stampede of western oil firms into Kurdistan, which is believed to have the world’s ninth largest oil reserves, an estimated 45bn-50bn barrels. ...
Shell faces huge risks and potential rewards with an Arctic adventure  image
Source : Telegraph [Read Article] Tuesday 18th of August 2015 06:23:34 PM
.... Despite the soul-searching, Shell’s boss has clearly concluded that the potential financial gains outweigh the environmental risks. Like the prospectors of the 1500s who spent decades scouring South America for the fabled lost city of El Dorado, today’s explorers have been lured to the region by the promise of exploiting the world’s last remaining untapped giant oil reserves. ...
Royal Dutch Shell cuts ties with Alec over rightwing group's climate denial image
....Environmentalists were quick to point out that leaving Alec was not synonymous with positively contributing to the challenge of climate change. Last week Shell recommenced drilling in the Arctic, a programme the company hopes will open up ten of billions of barrels of new oil reserves but the International Energy Agency says is unnecessary to secure global energy supply. ...
Oil payments start to flow in Kurdistan as explorers get their due image
Source : Telegraph [Read Article] Monday 3rd of August 2015 12:22:54 PM
.... London-listed oil explorers such as GKP and Genel were among a stampede of small oil explorers to rush into Kurdistan over five years ago as the region’s semi-autonomous government offered better terms for investors than Baghdad. The Kurdistan region of Iraq is thought to hold 45 billion barrels of recoverable oil reserves and hopes to be producing close to 1m barrels per day (bpd) of crude by 2020. ...
Watching the money as Gulf Keystone faces ‘perfect storm’ image
Source : Telegraph [Read Article] Monday 27th of July 2015 06:00:06 AM
.... Gulf Keystone was among a stampede of small oil explorers to rush into Kurdistan over five years ago as the region’s autonomous government offered better terms for investors than Baghdad. The semi-autonomous region of Iraq is thought to hold 45bn barrels of recoverable oil reserves and hopes by 2020 to be producing close to 1m barrels per day (bpd) of crude. ...
Oil and gas crunch pushes Russia closer to fiscal crisis image
Source : Telegraph [Read Article] Thursday 23rd of July 2015 06:42:23 PM
.... “Russia is going to be in a very difficult fiscal situation by 2017,” said Lubomir Mitov from Unicredit. “By the end of next year there won’t be any money left in the oil reserve fund and there is a humongous deficit in the pension fund. ...
How plunging oil prices have created a volatile new force in the global economy image
....And now there is a new pressure on the scene. The decision to strike a nuclear agreement with Iran, which has more oil reserves than all but four Opec countries, will over the coming months unleash new Iranian oil into the markets. ...
Iran nuclear deal: Oil majors have already started the scramble to tap the country's rich resources image
....The Iranian government and the oil majors have been quietly courting each other in the run-up to the agreement, with companies such as BP, Shell, Eni, Statoil and Total all thought to be seriously considering a move into the country. Iran has the fourth biggest oil reserves in the world but its production languishes at a disproportionately low 3. ...
Iran and Saudi Arabia can’t agree on the name of the Gulf sea, never mind oil  image
.... This may explain why international oil companies (IOCs) have so far given a cautious response to the deal announced in Vienna, despite having spent most of the past year holding secret talks with the Iranians about returning to the former pariah state, once sanctions have been removed. Holding the world’s fourth-largest oil reserves and the second-biggest stores of natural gas in the entire world makes the republic potentially one of the most enticing countries for companies such as Royal Dutch Shell, Total and Exxon Mobil to gain access to. ...
Iran is a once in a lifetime opportunity for brave investors image
Source : Telegraph [Read Article] Sunday 12th of July 2015 07:25:28 PM
.... . Holding the world’s fourth largest oil reserves and the second largest stocks of natural gas, Iran is often thought of as simply another Middle Eastern “petrodollar” economy. ...
UK Oil & Gas chairman who wanted to drill under Gatwick steps down image
Source : Guardian [Read Article] Wednesday 8th of July 2015 12:56:11 PM
....The UKOG share price trebled in April after Lenigas triggered a media frenzy when he talked about a world-class discovery, labelled the Gatwick gusher, being made at its Horse Hill-1 well in the Weald Basin on the borders of Surrey and West Sussex. He later appeared to row back on the more exuberant initial claims, but has insisted there are potentially billions of barrels of oil reserves in place, if not necessarily recoverable. ...
Questor share tip: 8pc dividend on offer in UKs biggest company image
Source : Telegraph [Read Article] Wednesday 1st of July 2015 04:43:22 PM
.... The stock was last trading this low in September 2010. A rough guide for a floor to the share price was set at about £13 in 2003 after the company was hit by a scandal over reporting its oil reserves. ...
Iran to open door to oil investment as companies eye return image
Source : Telegraph [Read Article] Saturday 20th of June 2015 07:55:51 PM
.... The scale of Iran’s potential to transform world energy markets is vast. The country holds the world’s fourth-largest oil reserves and the second-largest natural gas reserves. ...
Opec oil output fix boosts prices image
Source : BBC [Read Article] Friday 5th of June 2015 12:54:49 PM
....Mohammed Bin Saleh al-Sada said the markets have seen continued oversupply. Opec has 12 member countries that between them sit on 80% of the world's oil reserves and produce about a third of the world's oil exports. ...
Gatwick oil reserves '70% higher' image
Source : BBC [Read Article] Friday 5th of June 2015 11:12:45 AM
Opec under siege as Isil threatens world's oil lifeline image
Source : Telegraph [Read Article] Saturday 30th of May 2015 12:00:08 PM
.... . The problem for the US and the rest of the industrialised world is that the Middle East controls 60pc of proven oil reserves and with it the keys to the global economy. ...
BP would need to bring equipment from Texas to contain South Australia oil spill image
....BP was first granted its South Australian exploration area in January 2011, just eight months after the Deepwater Horizon disaster. The British oil giant initially planned to drill four exploratory wells by 2017, with a further six wells by 2020, in an attempt to find what could be vast oil reserves in the Ceduna basin system that lies beneath the waters of the Great Australian Bight. ...
Shell’s Arctic voyage marks beginning of peak oil era image
Source : Telegraph [Read Article] Sunday 17th of May 2015 05:30:52 PM
.... The Anglo-Dutch company, which is the most cautious of the major international oil companies, is prepared to soak up the bad publicity of hundreds of activists taking to the water in Seattle to confront the arrival of its Arctic drilling rigs over the weekend. It knows that the Chukchi Sea is one of the last remaining regions that contain world-scale oil reserves that can be reached without taking a major geo-political risk. ...
The economy should rebound after the election image
Source : Telegraph [Read Article] Sunday 3rd of May 2015 04:56:40 PM
.... A good deal of evidence exists to support this supposition. In the United States, since oil prices fell there has been a collapse in investment in the mining and extraction sector, as the development and exploitation of oil reserves through fracking has been cancelled or put on hold. ...
Shell's profit plunge prompts North Sea jobs and investment warning image
Source : Guardian [Read Article] Thursday 30th of April 2015 07:51:42 AM
....3bn) and reported a 56% slump in first-quarter profits. The Anglo-Dutch oil group also said there would be no slowdown in its controversial plans to start drilling in the Alaskan Arctic this summer where it hopes to discover large-scale oil reserves alongside evidence of gas found in the past. ...
Petrobras corruption costs hit $2bn image
Source : BBC [Read Article] Wednesday 22nd of April 2015 11:37:43 PM
.... He can still appeal. Petrobras was supposed to be Brazil's "lottery ticket" - as it is sitting on top of one of the world's most valuable oil reserves. ...
Oil slump may deepen as US shale fights Opec to a standstill image
Source : Telegraph [Read Article] Wednesday 22nd of April 2015 07:59:47 PM
.... "It is turning into a Sunni-Shia war and risks destabilizing the whole region," said Patrick Pouyanne, Total's chief. The Saudis risk sectarian "blow-back" into their own Eastern Province, where a restive Shia minority is sitting on the Kingdom's oil reserves. ...
Petrobras’s oil bonanza: Blessing or curse? image
Source : BBC [Read Article] Wednesday 22nd of April 2015 12:40:31 AM
....In 2008, Petrobras and its main stakeholder - the government of Brazil - hit the jackpot. The state oil firm's technicians discovered one of the world's largest oil reserves deep beneath the seabed - under miles of layers of salt. ...
Oil price down, coffers full: now Big Petroleum is in the mood for mergers image
.... It was BP’s then chief executive, John Browne, who set the pace with quick takeovers of first Amoco, followed by Arco and then Castrol. Oil bosses saw the opportunity of mergers that would enable them both to cut costs through removing jobs and offices and increase their oil reserves without the need for costly exploratory drilling. ...
Iran deal can open the way to trade and peace image
Source : Telegraph [Read Article] Saturday 11th of April 2015 03:30:46 PM
.... Iran’s resource endowment, often downplayed in Western circles, is nothing short of spectacular. It includes at least 157bn barrels of proven oil reserves – the third or fourth-largest haul in the world, depending on how you count them. ...
Source : Independent [Read Article] Saturday 11th of April 2015 12:23:21 AM
....Companies are shaped by their history. If Shell hadn’t been tripped up by an oil reserves scandal a decade ago, it wouldn’t have invested so heavily in liquefied natural gas to get itself back on the front foot. ...
Gatwick oil Q&A: from fracking to petrol prices, everything you need to know image
. Huge oil reserves that could yield the equivalent of 100 billion barrels have been found at a site near Gatwick Airport. ...
Iran nuclear deal opens door to new frontier market image
Source : Telegraph [Read Article] Friday 3rd of April 2015 03:23:57 PM
.... . Sitting on roughly 9pc of the world’s oil reserves and a share of the biggest single natural gas field anywhere on the planet, Iran’s energy sector is of course going to attract headline grabbing interest. ...
Source : Independent [Read Article] Friday 3rd of April 2015 12:30:26 AM
....8p on news that sales growth has halved from 8 per cent to 4 per cent during the most recent quarter. New oil reserves have been discovered in the Falkland Islands. ...
Oil price down as Iran nuclear deal deadline nears image
Source : Telegraph [Read Article] Tuesday 31st of March 2015 10:14:52 AM
.... Tehran is a sleeping oil giant, which has been frozen out of international markets and denied access to key technology and investment that could lead to a massive surge in its potential to produce oil and gas. The country holds 9pc of the world’s proven oil reserves and a nuclear deal that could open up its fields to foreign investment is potentially game changing for the industry. ...
Forget Greece, Ukraine is now Europe's most economically unstable country image
.... . Despite its enormous oil reserves, the densely populated South American country fell into recession last year, with inflation reaching 68. ...
Iran nuclear deal to see $20 oil if Tehran floods crude market image
Source : Telegraph [Read Article] Sunday 29th of March 2015 08:01:52 PM
.... Tehran is a sleeping oil giant, which has been frozen out of international markets and denied access to key technology and investment that could lead to a massive surge in its potential to produce oil and gas. The country holds 9pc of the world’s proven oil reserves and a nuclear deal that could open up its fields to foreign investment is potentially game changing for the industry. ...
The leaders turning Africa into the bright continent image
Source : Independent [Read Article] Saturday 21st of March 2015 12:04:04 AM
....For decades, the country’s Delta region has been the fuel that has powered the country’s economy, with all the benefits and pitfalls that entails. For so long synonymous with corruption, the country’s oil reserves have been squandered for years, with what is known in the accountancy world as “leakage” happening both on a literal level – with disastrous pollution – and metaphorically, in terms of graft. ...
'Boohoo is crying out for an activist investor' image
Source : Telegraph [Read Article] Thursday 12th of March 2015 08:04:07 PM
.... On the FTSE 250, the day’s biggest faller was oil and gas group Soco International, with its shares a third lower as it said the collapsing price of crude had resulted in its annual profits halving. Disappointing drilling results off Vietnam also meant it downgraded its oil reserves. ...

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